Tesla has just put in an offer to acquire SolarCity

Johana Bhuiyan for Recode:  Tesla’s board of directors has just sent an offer to acquire SolarCity to the company’s CEO. In other words, the electric car company Elon Musk is the CEO of just offered to buy the solar company Elon Musk is the chairman of.

In the letter, sent to SolarCity co-founder and CEO Lyndon Rive, Tesla’s board of directors offered to buy all of SolarCity’s remaining common stock in exchange for Tesla’s common shares. That’s $26.50 to $28.50 a share, according to the board.

The stock-for-stock deal amounts to about $2.8 billion based on where Tesla stock was trading before the proposal was announced.

As of yesterday, Musk personally owns 22,160,370 shares of SolarCity. So if the respective boards of each company approves the acquisition, Musk would personally reap $587,249,805 to $631,570,545.

Tesla’s move to acquire the solar company will help Musk in his goal of accelerating the world’s transition to using completely sustainable fuels in transportation.  Cont'd...

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Seaward PV210 Solar Installation Test Kit

Seaward PV210 Solar Installation Test Kit

The Seaward Solar PV210 PV installation tester provides a highly efficient and effective test and diagnostic solution for PV systems, carrying out all commissioning tests required by IEC 62446 and performing fast and accurate measurement of I-V curves in accordance with IEC 61829. With direct connection to individual PV modules or strings using the supplied lead sets, tests can be conducted easily and within a matter of seconds at the press of a single button.